The ICFB is incorporated in Delaware as a charitable organisation under the US Internal Revenue Service Code [section 501(c)(3)]. In Bermuda, ICFB is registered under the Charities Act 1978, and has a permit to operate in Bermuda under the Companies Act, 1981.
The ICFB facilitates donations from individuals or corporations who pay taxes to the US and that wish to donate funds to a local charity. Through their role as an intermediary, the ICFB ensures that US taxpayers are able to maintain the tax deductability of their charitable gifts.
The US Taxpayer donates the funds to the ICFB, along with a letter explaining which charity they would like the ICFB to support. Once the ICFB deems the gift appropriate, the funds are then donated to the charity. The charity informs the ICFB when funds are received. The ICFB then sends a thank you letter to the US Taxpayer, which serves as the tax receipt.
Knowledge Centre
How can we receive tax-free donations from US citizens or companies?
How can I, as a US-based individual or corporation, make tax-free donations to a Bermuda Charity?